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Business and Marketing Review
Business and Marketing Review
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General business and marketing quiz
Flashcards
40 cards
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Questions
40
Answers
1
DECA is
stands for Democratic Education of Community Associates.
provides funding for CTE programs.
a high school marketing and entrepreneurship organization.
stands for Developing Educators who Can Advocate
2
The accounting equation should always show
positive cash flow
more income than expenses
balance
more expenses than income
3
Owner's equity is on the same side of the accounting equation as
products
assets
liabilities
cash flow
4
When the quantity demanded is greater than the quantity supplied at a particular price, it is:
equilibrium
shortage
"invisible hand".
surplus
5
What is the first step in conducting market research?
Analyze your data
Identify your information needs
Obtain primary research
Design trademark
6
A resumẻ
is created by the employer.
describes a job candidates skills and abilities.
is a job application.
does not list education.
7
What is a disadvantage of owning your own business?
Control own salary
Being your own boss
work long hours
Doing something you enjoy
8
By evaluating competitors' product selection, quality, promotional activities, and pricing,
you learn about buying characteristics
you learn about their income statement
you learn their intent to sell
You learn strengths and weaknesses
9
Which idea is not good for a home-based business?
outsourcing your skills to others
Selling cosmetics
managing a doctor's office
personal fitness trainer
10
Facts that describe the target market and include; gender, income, occupation, and age.
Buying characteristics
Demographics
Niche
Psychographics
11
All of the following are skills an entrepreneur should have, EXCEPT for:
Communication
Math
Speed
Human Relations
12
The purpose of paying interest is to
compensate for the time value of money.
All answers are correct.
to pay for the use of someone else's money.
entice investors.
13
Business cards, posters, magazine ads, and brochures are all examples of
services
products
advertising
literature
14
The type of business which costs the least amount of money to form is
a sole proprietorship.
a corporation
an LLC
a limited liability company.
15
What is one risk of owning your own business?
Freedom to set your own schedule
Being your own boss
Contributing to the community
Being fully responsible
16
A successful entrepreneur should
Always find someone else to operate and manage the business
Set broad, extremely challenging goals
know his financial and non-financial goals before starting
Begin any type of business he/she's interested in
17
When the quantity supplied is greater than the quantity demanded at a particular price, it is:
shortage
surplus
equilibrium
"invisible hand".
18
Distribution is another word for
Promotion
Product
Place
Price
19
A product is
goods and services.
something you buy at a store.
goods.
services.
20
If you want to be independent, make all decisions, keep all profits, and hire all new employees
Buy a franchise
Buy existing business
Join family business
Start own business
21
Scarcity leads to
war.
choice.
low costs.
drought.
22
The specific market segment toward which all of a business's activities are directed.
Focus group
Demographics
Prime market
Target market
23
Entrepreneurship is a factor of production because it
changes goods into services.
makes more money than a regular job.
transforms economic resources into consumer goods.
can be risky.
24
The social science that studies how people use scarce resources to satisfy unlimited needs is
philosophy
economics.
biology
psychology
25
The time value of money is
money now is worth more than the same amount of money later.
the amount of money invested over time.
money is worth more later than it is now.
the risk taken by investors in the stock market.
26
Revenue, expenses, and net income/loss are found on the
Balance Sheet
Stock Market
Income Statement
Cash Flow Statement
27
FBLA helps students to develop
All answers are correct.
team skills.
leadership skills.
communication skills
28
Scarcity is
When someone startles you.
Too much land.
Supply is much greater than demand.
Demand is greater than the supply.
29
The factor of production, labor, means
hard work.
the workforce.
giving birth.
cost of supplies.
30
To research your competitors, you should do all the following except
Describe the primary products/services your customer sells
identify your indirect competitors
Hire your competitor's employees to provide you insider info
describe the primary market your competitor's serve
31
The amount or quantity of goods or services consumers are willing and able to buy:
equilibrium
demand
scarcity
supply
32
Financial statements do NOT include
income statement
balance sheet
the financial claims sheet
the statement of cash flows
33
When the quantity supplied is equal to the quantity demanded, it is
shortage
equilibrium
surplus
"invisible hand".
34
What is the economic problem?
Unlimited resources, not enough people.
Unlimited resources with limited wants and needs.
Limited time, unlimited money.
Limited resources with unlimited wants and needs.
35
All of the following are entrepreneurial characteristics, EXCEPT for:
Goal-oriented
Dependent
Creative
Responsible
36
Capital is
a building in the center of town.
money and assets.
what's left over after expenses.
the most important part of a building.
37
Which one is NOT a factor of production?
labor
scarcity
capital
entrepreneurship
38
The factor of production, Land, means
buildings owned by entrepreneurs.
the workforce.
dirt.
natural resources.
39
All the following are laws to protect ideas and intellectual property, except for
patent
copyright
trademark
scarcity
40
Consumer motives for purchasing include
ratioinal
patronage
all answers are correct
emotional
